Do You Buy Into the Lipstick Theory?

This morning's New York Times examines the long-held theory that when the economy tanks, lipstick sales go up. The idea is that since women don't have the money to splurge on, say, designer clothing, we're more likely to indulge in a lipstick as an affordable way to treat ourselves. After all, a $10 lipstick is far easier to buy than a $100 pair of jeans.

This theory has anecdotal support, but the numbers tell another story. Sales of lipstick aren't going up; they're actually down 13 percent in department stores compared to the same time last year. So perhaps the theory doesn't have much meat to it, or — this is the Chicken Little in me — maybe people just aren't shopping at all, and the economy is worse than we thought. (I should also point out that the current trend of shorter hairstyles does not bode well.) If only the dreamboat economist Paul Krugman would weigh in!

What about you? Do you think this theory holds up? Are you choosing lipstick instead of splurges lately, or are you not even splurging on lipstick these days?

The numbers don't back it up so I don't believe it. I haven't bought myself anything lately because of the economy. I can't even afford lipstick. I'll just use up what I have and save some money so I can splurge later.

I dont think too many people wear lipstick anymore. Gloss is so much sexier. There is never a point where I stop shopping and whenever my friends criticize my spendthrift ways I just tell them I am doing my american duty to help boost the economy. Weekly pedicures and manicures, monthly root touch ups, a passion for coach purses. etc

Yes, women do buy lipstick and other makeup, but not very often during hard economic times. However, lip gloss is probably more popular than lipstick considering lipstick is more formal and dressy. Personally, I'll sacrifice vanity for having food on the table.

I'm still trying to wrap my brain around the correlation between a failing economy and short hair. If anything, shorter hair is higher maintenance and requires more frequent visits to the salon which, in turn, means more money spent. Short hair is less maintenance in terms of time spent styling but it's definitely not financially advantageous. Someone help me out?

I agree with sporty. Lip gloss and colored lip balms are the big rage, not lipstick. But, if times were hard, makeup would be one of the last things I get, because when I do have money, I stock up on it or get items I don't really need.